An internal review of advised mortgage cases at Royal Bank of Scotland showed just two out of 91 customers received MCOB-compliant advice.
According to a confidential Group Internal Audit report passed to IFAonline's sister title Mortgage Solutions, it was unclear in 89 cases whether RBS customers received compliant advice, a suitable mortgage or a fair outcome. Back in 2011, after a mystery shop, the Financial Services Authority flagged problems with RBS over the quality of its branch mortgage advice. In a letter dated 4 November 2011, the regulator asked it to carry out a Risk Mitigation Programme action, or assess its branch, direct and live-observed advised mortgage sales to see if the problems had been resolved. The...
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